IAIS published the November issue of its newsletter. This issue marks the 25th anniversary of IAIS and highlights that IAIS has reached an agreement on a comprehensive set of reforms designed to strengthen effective cross-border supervision of Internationally Active Insurance Groups (IAIGs) and to contribute to global financial stability. Additionally, IAIS published its 2018 annual report in which it focused intensively on supporting IAIS members to deliver its commitments to the post-crisis reform agenda. IAIS also announced the appointment of Dr. Manuela Zweimueller as Head of Supervisory Practices, with effect from January 01, 2020.
In November 2019, IAIS finalized the comprehensive review and update of IAIS Insurance Core Principles (ICPs), which are applicable to the supervision of all insurers. IAIS also adopted the Holistic Framework for the assessment and mitigation of systemic risk in the insurance sector and the Common Framework, or ComFrame, that provides the first global framework for effective and globally consistent supervision of IAIGs. IAIS agreed on the Insurance Capital Standard (ICS) Version 2.0, the quantitative element of ComFrame, for a five-year monitoring period. The assessment of implementation of supervisory material related to ComFrame and the Holistic Framework for assessing and mitigating systemic risk will be led by Dr. Zweimueller.
The newsletter also announced that the Accounting and Auditing Working Group (AAWG) is expected to meet on December 17-18 in Japan to discuss the IASB agenda, audit quality issues, jurisdictional implementation activities of IFRS 17, and Monitoring Group developments. The AAWG will also discuss partnering with other organizations to establishing forums for supervisors to discuss the implementation of IFRS 17.
Keywords: International, Insurance, Newsletter, ComFrame, Systemic Risk, ICS, ICPs, IFRS 17, ICS Version 2.0, IAIS
Across 35 years in banking, Blake has gained deep insights into the inner working of this sector. Over the last two decades, Blake has been an Operating Committee member, leading teams and executing strategies in Credit and Enterprise Risk as well as Line of Business. His focus over this time has been primarily Commercial/Corporate with particular emphasis on CRE. Blake has spent most of his career with large and mid-size banks. Blake joined Moody’s Analytics in 2021 after leading the transformation of the credit approval and reporting process at a $25 billion bank.
The European Banking Authority (EBA) published four draft principles to support supervisory efforts in assessing the representativeness of COVID-19-impacted data for banks using the internal ratings based (IRB) credit risk models.
The European Council and the European Parliament (EP) reached a provisional political agreement on the Corporate Sustainability Reporting Directive (CSRD).
The Prudential Regulation Authority (PRA) launched a consultation (CP6/22) that sets out proposal for a new Supervisory Statement on expectations for management of model risk by banks.
The European Commission (EC) published the Delegated Regulation 2022/954, which amends regulatory technical standards on specification of the calculation of specific and general credit risk adjustments.
The Bank for International Settlements (BIS) Innovation Hub updated its work program, announcing a set of projects across various centers.
The European Insurance and Occupational Pensions Authority (EIOPA) published two consultation papers—one on the supervisory statement on exclusions related to systemic events and the other on the supervisory statement on the management of non-affirmative cyber exposures.
Certain members of the U.S. Senate Committee on Banking, Housing, and Urban Affairs issued a letter to the Securities and Exchange Commission (SEC)
The European Insurance and Occupational Pensions Authority (EIOPA) published a consultation paper on the advice on the review of the securitization prudential framework in Solvency II.
The Prudential Regulation Authority (PRA) issued a statement on PRA buffer adjustment while the Bank of England (BoE) published a notice on the statistical reporting requirements for banks.
The Basel Committee on Banking Supervision (BCBS) issued principles for the effective management and supervision of climate-related financial risks.